April 20, 2022
Starting a new businesses is one of the most exciting, and subsequently terrifying things an individual can do in this lifetime. And regardless of your chosen industry, if you’re planning on offering health insurance benefits to your employees, there are a number of things to keep in mind before making the leap. In this article, we’ll explore some of the most important considerations for new business owners who are planning on providing group health benefits to their staff.
Be Realistic When it Comes to Your Healthcare Budget
Far too often, new business owners approach the subject of group health benefits with extreme altruism, only to learn that it can be pricier than they ever expected. If you’re planning on making contributions to offset the cost of your employees’ monthly premiums, be realistic in what you can afford and be sure to think long-term. Claims can add up fast, and the time required to manage your plan is also a factor to be mindful of.
Consider the Demographics of Your Employees
On the whole, most companies are comprised of employees from varying age groups, as well as income tiers. One of the most sound ways to keep your premiums manageable without compromising the quality of the benefits you’re offering, is to consider subsidies for lower income employees, Medicare enrollment for those over 65, and higher deductible plans for groups that are younger and in good health.
Work with a Local Agent Who Specializes in Group Plans
Over the past decade, the process of managing a group health insurance plan has become almost too complex to fathom for many businesses… especially those new to the process. Working with a local agent who has experience and expertise in the field of employee health benefits can significantly streamline and simplify the process, as they know the process, understand what’s genuinely needed, and have direct contact with the major carriers.
Free, Expert Assistance from a Trusted Illinois Health Insurance Agency
Tailoring a group health insurance plan that fits your budget while providing exemplary benefits to your staff can be a real challenge for those going about it for the first time. If you’re starting a new company in Illinois and concerned about doing things right from the onset, Premier Financial Insurance in Lisle can help. We have 20 years of experience with group health benefits, know the industry inside-out, and there are no fees for our services. Plus, the premiums you pay are identical to what you’d incur if you managed your plan internally.
To learn more about establishing a new group health plan, or to schedule a free consultation with one of our licensed staff agents, get in touch by calling 800-369-0287 or write to us via email by visiting our website’s secured contact page.